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Arkham Token Gains Over 14% As It Launches Perpetual Futures Exchange

Arkham Token Gains Over 14% As It Launches Perpetual Futures Exchange

Nov, 08 2024 9:12
Arkham Token Gains Over 14% As It Launches Perpetual Futures Exchange

Blockchain Analytics firm Arkham Intelligence (ARKM) is about to launch its perpetual exchange which it started preparing for in October. The move will allow it to provide derivatives contracts.

The trading on the Arkham perpetual exchange is likely to start in a week. However, the company hasn't put up many details about the derivatives available on the exchange.

The perpetual exchange is already live, making it open for signups although trading will start in a week. Earlier in October, Arkham Intelligence relocated to facilitate the new derivatives exchange. The company announced that perpetual futures will be the first derivatives on the exchange. Unlike others, Arkham is incentivising trading in its derivatives exchange with the “exchange points” feature.

Arkham Intelligence said that crypto users “earn Arkham points based on their trading volume” on the crypto exchange. Perpetual futures contracts are a kind of crypto derivatives which are fast capturing the market. Crypto exchange Coinbase listed many new perpetuals recently to be relevant in this fast-evolving crypto market.

However, Coinbase has launched all these contracts one at a time while Arkham hasn't announced the details of its perpetual offering yet.

The company was very sparse in providing the details and the promotional video video only highlighted features aligned with its blockchain intelligence activity like traceable proof of reserves or on-chain auditing. Arkham Intelligence didn't reveal much about the nature of the perpetual contracts or the firm's plans to expand to other derivatives markets.

However, this news has led to bullish sentiment for the ARKM token which has gained after the drop earlier this year due to token transfer controversy. This was a brief recovery after a long-lasting downturn.

Since the Arkham Exchange announcement, the ARKM token has gone up by 14.48% to trade at $2.15 and is likely to spike further as trading opens on the exchange next week.

So far the company has exhibited a radical business strategy change including relocating to the Dominican Republic to launch the crypto exchange. However, all public statements speak about the sophisticated analysis of the Arkham Exchange. The firm's reputation as a blockchain data analytics might boost its credibility in the crypto exchange market.

At the time of publication, ARKM was up by 6.94% in the last 24 hours to trade at $2.27 while its trading volume has gone down 0.77% to touch $222.61 million and market cap stands at $507.92 million

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